Property industry calls for Stamp Duty holiday extension

[Nicholas Wallwork]

The UK residential property market could be hit by a double*whammy in the New Year when the stamp duty holiday that has*saved real estate buyers thousands of pounds comes to an end*along with expected increases in interest rates and other*taxes.

The Stamp Duty threshold where the tax is payable is due to*be lowered from £175,000 to £125,000. So a first-time buyer*looking at a property with an average price tag of £160,000*will have to fork out a £1,600 Stamp Duty bill from January 1,*whereas at the moment there is no tax to pay. In addition, VAT*is due to return to its former level of 17.5% and economists*have indicated that interest rates could rise next year.

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